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Show PROMOTER SPENT MONEY; NOW HE IS UNDER ARREST Claims He Used It in Interesting: His Friends In the ' Stock of a Company.' CHICAGO. Sept 2S.-W. E. Cochran, Jr., of Chester, Pa., claims that 15000 Is not too much to spend In three months In floating fSSO.OOO bonds of a new company. com-pany. His employer claims the sum is out of proportion. Justice : Foster of South Chicago, unable to decide the merits of the case, held Cochran to the grand Jury- The complaining witness . against Cochran was Edward D. Nelson of Iron-wood, Iron-wood, Mich., president of the Twin City Electric and Supply company, the Iron-wood Iron-wood Waterworks, the Jurley (Wis.) Waterworks and the Ironwood and Bessemer Bes-semer Interurban Street railroad. He consolidated the companies as the Gogebic Goge-bic Electric company of Bessemer, Mich., with a capitalisation of $400,000, and employed Cochran as promoter, offering. of-fering. It Is said, a bonus of 1125,000 of stock In the company for the sale of 1350.000 worth. . Cochran Is said to have cashed a draft Of 15000 given him by Nelson, and later was asked for its return. He said he had spent It In interesting his friends In the new company. He was arrested In Chicago charged with obtaining money under false pretenses. - |